Geode Capital Management LLC Lowers Stock Position in Itaú Unibanco Holding S.A. (NYSE:ITUB)

Geode Capital Management LLC lessened its stake in Itaú Unibanco Holding S.A. (NYSE:ITUB) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 851,682 shares of the bank’s stock after selling 23,319 shares during the period. Geode Capital Management LLC’s holdings in Itaú Unibanco were worth $5,664,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Van ECK Associates Corp lifted its position in Itaú Unibanco by 68.5% in the 3rd quarter. Van ECK Associates Corp now owns 6,071 shares of the bank’s stock worth $38,000 after buying an additional 2,469 shares during the last quarter. Daymark Wealth Partners LLC purchased a new position in Itaú Unibanco in the 3rd quarter worth $68,000. Quantinno Capital Management LP bought a new stake in Itaú Unibanco in the third quarter worth $68,000. MQS Management LLC bought a new position in shares of Itaú Unibanco during the third quarter valued at about $70,000. Finally, Raymond James Trust N.A. purchased a new position in shares of Itaú Unibanco in the third quarter worth about $81,000.

Itaú Unibanco Price Performance

Shares of Itaú Unibanco stock opened at $4.87 on Friday. The firm has a market cap of $47.73 billion, a PE ratio of 6.24, a price-to-earnings-growth ratio of 0.68 and a beta of 0.95. The company’s fifty day simple moving average is $5.58 and its two-hundred day simple moving average is $6.06. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 2.28. Itaú Unibanco Holding S.A. has a 12-month low of $4.86 and a 12-month high of $7.27.

Itaú Unibanco Cuts Dividend

The firm also recently declared a dividend, which will be paid on Monday, February 10th. Investors of record on Friday, January 3rd will be issued a dividend of $0.0025 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a yield of 0.6%. Itaú Unibanco’s dividend payout ratio is presently 3.85%.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. dropped their target price on Itaú Unibanco from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $7.50.

Itaú Unibanco Profile

Itaú Unibanco Holding SA offers a range of financial products and services to individuals and corporate customers in Brazil and internationally. The company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It offers current account; loans; credit and debit cards; investment and commercial banking services; real estate lending services; financing and investment services; economic, financial and brokerage advisory; and leasing and foreign exchange services.